"More recently life imitates art... you get a little cancer scare, you open your mouth... I shouldn't say that I'll get in trouble again," joked Michael on accepting the title.
"The legend part... it's a polite way of saying this is my third act," he added. "I'm looking forward to relishing it, especially with this year."
The Hollywood actor and his co-star Matt will be reunited for the 65th Primetime Emmy Awards that is scheduled to air on 22 September.
Michael was last nominated for "Outstanding Guest Star in a Comedy Series" in 2002, for his appearance in hit comedy series Will and Grace. Matt was also nominated in the same category in 2011 for his performance in 30 Rock.